Wilmington, Delaware, United States, Aug. 11, 2023 (GLOBE NEWSWIRE) -- The global anti-radiation drugs market is projected to flourish at a CAGR of 9.9% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 9.6 billion is anticipated for the market in 2031. As of 2023, the market for anti-radiation drugs is expected to close at US$ 4.1 billion.
The growing demand for anti-radiation drugs such as Potassium Iodide (KI), Prussian Blue, and DTPA (Diethylenetriamine Pentaacetate) is likely to drive the market growth during the forecast period as these drugs can aid in blocking the radioactive iodine absorption and subsequent concentration in the thyroid gland.
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Increasing efforts by pharmaceutical companies to develop innovative radiopharmaceutical products and a rise in investment in R&D by pharma and biotech companies for the development of effective drugs for acute radiation syndrome or ARS propels the market growth.
The increasing application of radiation therapy in cancer treatment drives the market demand for anti-radiation drugs as these drugs protect healthy tissues and enhance the effectiveness of treatments.
Key Takeaways from the Market Study
- As of 2022, the anti-radiation drugs market was valued at US$ 3.7 billion
- Based on distribution channel, the hospital pharmacies segment is projected to account for a major share of the industry during the forecast period
- Based on the compound, The Potassium Iodide (KI) segment held a significant share of the industry
- Based on the application, the Acute Radiation Syndrome (ARS) segment accounted for the largest share of the global anti-radiation drugs business in
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Anti-radiation Drugs Market: Key Trends and Opportunistic Frontiers
- Increased awareness about radiation risks and the availability of protective measures can influence the adoption of anti-radiation drugs among healthcare providers and the public driving the anti-radiation market growth
- The increased technological innovation and advances in drug delivery methods, nanotechnology, and biotechnology may lead to the development of more efficient and targeted anti-radiation drugs.
- Increasing technological advances in drug development and increased research into innovative compounds and technologies that can effectively counteract radiation damage drives the evolution of the anti-radiation drugs market.
Anti-radiation Drugs Market – Regional Analysis
- North America is expected to hold a prominent share in the anti-radiation drugs market owing to the increase in the number of radiation facilities and the rise in investment in the anti-radiation devices market. The presence of a well-established healthcare infrastructure and a high prevalence of cancer cases contribute to the demand for radiation therapy, and the anti-radiation drugs market.
- Asia Pacific is expected to witness significant growth in the anti-radiation drugs market owing to the rapidly developing healthcare infrastructure in the region. The increasing demand for advanced medical treatments, including radiation therapy in countries like China and India drives the market demand.
Competitive Landscape
The anti-radiation drugs market is highly fragmented with the presence of several local and global players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global anti-radiation drugs market report
- Amgen Inc.
- Anbex Inc.
- Arco Pharmaceuticals LLC
- BTG International Inc.
- Cellphire, Inc.
- Chrysalis BioTherapeutics, Inc.
- Darnitsa
- Enzychem Lifesciences Corporation
- Humanetics Corporation
- Mission Pharmacal Company
- Myelo Therapeutics GmbH
- Partner Therapeutics
- Pluri Inc.
Key Developments in the Anti-radiation Drugs Market
- In May 2020 - Cellphire, the global leader in long-term stabilization and storage of platelets, announced today that the U.S. Food and Drug Administration (FDA) has granted an orphan drug designation for its platelet-based freeze-dried hemostatic, Thrombosomes®, for treatment of acute radiation syndrome (ARS).
- In February 2020 - Humanetics Corporation (Humanetics) announced that it has entered into a definitive agreement with DSM Nutritional Products Ltd of Kaiseraugst Switzerland to acquire all of DSM’s assets related to the manufacture of the active pharmaceutical ingredient (API) in BIO 300, a clinical stage drug being developed by Humanetics for oncology and biodefense applications. DSM developed and patented a method to produce a highly pure form of API.
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Anti-radiation Drugs Market – Key Segments
Compound
- Potassium Iodide (KI)
- Prussian Blue
- DTPA (Diethylenetriamine Pentaacetate)
- Others
Application
- Acute Radiation Syndrome (ARS)
- Cancer Treatment
- Radiation Exposure
- Others
Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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